J.P. Morgan & Co.'s bonds may suffer if other ratings agencies follow the lead of Moody's Investors Service and cut the venerable banking company's ratings again.

Last week, as expected, Moody's downgraded Morgan's senior debt to A1, from Aa3, and the rating of its subsidiary Morgan Guaranty Trust Co. to Aa3, from Aa2, because of concerns about the company's short-term earnings potential.

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